Is The United States Banning Bitcoin?
There are many misconceptions surrounding the crypto space.
“Bitcoin is for criminals.”
“It is only used for nefarious activities.”
“It is not traceable.”
“The United States is going to ban it one day”
I always found all off these non sensical - non educated theories entertaining. Except for the last one. The last one made me nervous. But that only lasted until I realized one thing.
I realized that if I was able to make money from this new nascent space. The almighty government obviously was in the position to make an astronomical amount of cash as well..
They knew and I knew it.
This was the one reason why they had absolutely no interest in banning it. One thing you need to understand is that crypto is global. Why would the United States lock themselves out of this new asset class?
That’s right. It is a new asset class. Also - how would you ban something that is accessible via the internet? Is there a giant wifi switch in the sky I don’t know about?
IMPOSSIBLE.
But in all seriousness does this make any sense to you? Do you think that for a second they were going to sit out on this one while China, Russia, Germany, Japan, Korea? etc. accumulated bitcoin and other digital assets knowing that the prices were going to skyrocket?
Now I couldn’t find a list that was comprised of the countries who are the largest holders of bitcoin and other digital assets. But I did do some research and found the countries that are the “friendliest” towards cryptocurrencies and Fintech.
United States -Switzerland-Singapore-Japan-South Korea
Now my logic tells me that if there was a list that comprised the countries that held the most crypto. All of these countries would be on it.
Which leads us into the last topic.
Regulation
Now if they aren’t goin to ban it that doesn’t mean that they won’t regulate the F out of it. We’ve seen tax rules and laws being implemented. Recently- this particular law where you’d be taxed on “Unrealized Gains” thing they’re trying to put through. But I’ll get into that one in another piece. Be on the look out.
Unbelievable though right.
Now I always say “what they can’t stop - they will slow down.” Right now that is exactly what they are doing. They are pulling all the stops in order to grind down the industry to a halt in order to get their hands around it’s throat.
This is a game of chess. In order for you to win at a game of chess you have to know the rules.
In closing.
Like I said at the beginning of this article. It didn’t take me long to realize that they have no intention of banning bitcoin or related technologies. The government is a business and just like any business. If they see an opportunity to make some money. (Trillions in this case.)Yes I said trillions and if you don’t agree with that you need to do some more research. If they see an opportunity. They are going to take it.
I take personal responsibility in making sure I am the best financial position that I can possibly be in so when the opportunity presents itself. Im ready to go. I never agreed with the term “timing the market” I much rather prefer - I am always in the position to hit a home run. Being proactive vs reactive in my experience is the best strategy. Also a great point you should implement when playing chess btw.
Now while that doesn't necessarily make me the smartest guy in the world, it has usually made me the smartest guy in the room. :) cheers
Jerome Powell - Chair for the Federal reserve - 9/30/21
